New York Markets After Hours

Pernod Ricard quarterly revenue rises 6%

GeraldineAmiel

PARIS (MarketWatch) -- Spirits maker Pernod Ricard SA (RI.FR) Thursday posted a strong increase in first-quarter revenue, boosted by sales in emerging markets and good recovery in mature markets, leading the group to expect a 6% increase in profit from recurring operations for the full year 2011-2012.

Pernod Ricard, the world's second largest spirits group behind U.K.-based Diageo Plc (DGE.LN), said revenue in the three months to end-September rose 6% to EUR1.99 billion from EUR1.88 billion a year earlier, representing an organic sales growth rate of 11%.

"The start of the 2011/12 financial year confirms the solidity of our markets," said Chief Executive Pierre Pringuet.

The group expects organic growth in profit from recurring operations close to 6% and continued debt reduction, with a net debt/earnings before interest, tax, depreciation and amortization, or Ebitda, ratio close to 4 at June 30, 2012.

The group's top 14 spirits and champagne brands, which represented 62% of its total sales, recorded a 6% sales increase in volume. Glenlivet whisky's organic sales growth rate was up to 42%, Martell's stood at 25%, Chivas Regal's at 18% and Absolut vodka's at 4%.

Europe's sales, excluding France, grew 1% to EUR524 million in the quarter while sales in Americas grew 5% to EUR508 million and sales in Asia and the rest of the world increased 11% to EUR794 million. Sales in France, Pernod's historical market, dropped 1% to EUR162 million, due to unfavorable weather over the summer, which dented sales of Pernod's infamous aniseed aperitive spirit Ricard.

Pernod said it was working with several banks to refinance its debt, including the possibility of one or more bond issuances, depending on market conditions.

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